System and method for approving transactions
AssigneeOl Security Limited Liability Company
InventorRobert W. Peterson
Life of this patent
Estimating the term…
Abstract
In a transaction between a merchant and a payer, approval of the transaction may be provided by a payment processing system using authentication information provided from a mobile device of the payer. The authentication information may include a location of the payer mobile device which may be compared to a location of a merchant payment device such that the transaction is approved if the payer mobile device is within a defined distance of the merchant payment device.
Claims20
A payment processing system, comprising:
- a processor;
- and
- a memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations to:
- identify authentication data from a received communication, wherein the authentication comprises, or is derived from, at least one of the following:
- a prior transaction history known to a phone or another mobile device carried by a person, wherein the prior transaction history includes an authentication history associated with a merchant processing device,
- an extracted location of the phone or the other mobile device, the extracted location taken from a response, by the phone or the other mobile device, to a query sent to the phone or the other mobile device;
- and
- transmit an authorization of a transaction between a payer associated with the phone or the other mobile device and a merchant based on a result of a comparison of information taken from the authentication data to stored data.
A mobile device to operate with a payment processing service, the mobile device comprising:
- a processor;
- and
- a memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations to:
- identify a payer identification device;
- collect authentication data including geolocation information specifying a location and a prior transaction history of the identified payer identification device, wherein the collected authentication data comprises at least one of the following:
- a prior transaction history known to a phone or another mobile device carried by a person, wherein the prior transaction history includes an authentication history associated with a merchant processing device,
- an extracted location of the phone or the other mobile device, the extracted location taken from a response, by the phone or the other mobile device, to a query sent to the phone or the other mobile device;
- request approval of a transaction between a merchant and the payer from the payment processing service using the collected authentication data;
- and
- wait for an indication of approval of the transaction following the request.
A payment processing system, comprising:
- a processor;
- and
- a memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations to:
- identify authentication data from a received communication, wherein the authentication data comprises, or is derived from, a prior transaction history known to a phone or another mobile device carried by a person, wherein the prior transaction history includes an authentication history associated with a merchant processing device;
- compare information taken from the prior transaction history of the authentication data to saved transaction history;
- and
- transmit an authorization of a transaction between a payer associated with the phone or the other mobile device and a merchant based on a result of the comparison.
Dependencies are inferred from the claim text.